IREV - Shares 1.25p, Cash in Bank = 3.75?

It is very difficult to work out what the truth about iRev is. They have lost a lot of money - that is a fact from the last accounts. They have also lost a large percentage of their staff - that has come out of the redundancies. The have also lost tmp as a client, and they were the largest customer they had. My guess is that WhyMe99 is not a million miles from the truth in his analysis of the information. Certainly iRev has sold assets for cash - but there can be only two reasons for doing this, 1) to invest for a greater return, 2) to relieve cash flow problems. I see no new investments announced, so I guess they are running low on cash. Thundercloud could be valuable, but only with a good team to manage and promote it. My concern as a shareholder who has lost significant cash with this investment is that since the RTO (and before) there has been no signs of stong management. The ability to promote Thundercloud is diminished with the loss of Frisby, and to lose him shows either poor foresight, poor management, or insufficient funds to keep him (or he was a loose canon all along). Until the next accounts come out it is hard to know the true facts, and the company is so small that it is possible for the business to change dramatically within a few months. To pin all hopes on one unproven piece of IP where there is no known market, and quite possibly no way to gain revenue even if there was a market shows poor business management. I see very little evidence of any growth in proven business areas - in fact since the RTO the business has decreased in the key area of ASP services. Looking back over the past ideas from this company - I notice that relationships such as ONYX and 80-20 Software appear to have gone nowhere when at the time they were much flaunted. I have never had an investment in which I had so little knowledge of what the business was doing, and which has performed so badly. My finger has to point to the board - who I believe have lost control of what the business is trying to do. If they had not lost control, then how could they allow senior managment to be in such disarray. I think that Kelly has probably got the right idea when he resigned, not long after the CFO Prevett decided to go. As a long term investment I would be happy to ride this one out, but it needs clear direction and strong managment to ever be worth anything.